President Cyril Ramaphosa delivered a keynote address at the National Treasury Climate Resilience Symposium 2024 on July 15, at the CSIR International Convention Centre in Pretoria.

The event, themed ‘Moving the Needle on Climate Change and Just Transition: The Role of the National Treasury’, aimed to integrate climate goals into macro-fiscal and finance policies while improving government co-ordination on climate issues.

Ramaphosa highlighted the symposium’s importance, saying, “The National Treasury is central to our response to both the shocks of climate change and the potential opportunities to use this just transition as a springboard to build a more inclusive, resilient, and sustainable economy.”

The President underscored the urgency of action, remarking, “We are in reality facing a climate challenge of emergency proportions. Indecision and slow action are not an option for us.”

He stressed the need for a balanced approach, warning that acting too fast could harm the economy, while inaction could jeopardise economic stability.

Ramaphosa also addressed the social impact of climate change, noting that “society’s most vulnerable bear the brunt of climate change because they have limited means to prepare for, cope with, and recover from climate-related adverse effects”.

He reiterated South Africa’s commitment to decarbonisation, emphasising that “South Africa will decarbonise at a pace and at a scale that is affordable to our economy and our society.”

Acknowledging the historical reliance on fossil fuels for economic growth but stated, the President said, “Our emissions-intensive energy system is likely to increasingly undermine our competitiveness in global markets.”

Highlighting the necessity for a just transition, Ramaphosa said, “It is crucial that the transition to a low-carbon economy is just and inclusive, and that no worker and no community should feel that it’s left behind.”

The President also called for international support, urging developed nations to fulfil their climate finance commitments.

“We in the Global South, who suffer the most from the effects of climate change, need substantial investments to build sustainable infrastructure, develop green technologies, and support social programs,” he said.

The symposium, which will run from July 15 to 17, brought together ministers, deputy ministers, senior government officials, academia, the private sector, and climate experts to discuss and strategise on integrating climate considerations into South Africa’s fiscal policies.

IOL